Probably for a couple of reasons. First two of their mines are lessening in production, even though they are not expecting further erosion. Along with this, the mine that continues to increase annually is not projected to increase in 2020. This is shown by their statement that they are going to increase production by 600,000 ounces post merger. This is the same amount produced by Detour last year. In other words, a lot of the pricing was based on continued growth, which will be muted until KL starts getting similar production and margins from Detour that they experience from the other mines.

Another reason was that the market ALWAYS overreacts!!!!

The third reason is that they did't beat the expectations by as much as in the past. This gave the speculators reason to sell, and the stock short position a reason to expand.

We already knew that this was probably going to happen. Hopefully Kirkland can change the Detour to deep mining and increase their production to an annual $900K to a million ounces in a short time.